Paycheck Protection Program (PPP) re-starts; Save Our Stages grants coming soon
The third federal stimulus package passed on December 28 expanded the U.S. Small Business Administration’s Paycheck Protection Program (PPP). The program will bring an additional $284 billion to non-profits and small businesses, including bars and restaurants that may not be eligible for “Save Our Stages” grants. (More on “Save Our Stages” below.) Smaller businesses that did not receive a PPP loan the first time around can begin to apply on Monday, January 11.
Those that did receive one of the original loans can apply for a second PPP loanbeginning on Wednesday, January 13, provided they meet eligibility requirements.
For complete requirements see Title III of the Consolidated Appropriations Act, 2021 and the SBA’s interim final rule. SBA has also issued the following summary guidelines:
The NYC Department of Small Business Services (SBS) is offering free webinars to provide guidance for businesses interested in applying for PPP loans. Schedule and registration info is available here. The Save Our Stages Act also passed as part of the third stimulus package. It includes $15 billion for grants of up to $10 million to qualified live venue operators and promoters, performing arts organizations, theatrical producers, talent representatives, movie theater operators, and non-profit museums that have auditoriums. To be eligible, all applicants must:
- have been “fully operational” on February 29, 2020
- be able to show at least 25% revenue loss in a quarter of 2020 compared to the same quarter of 2019, and
- be operating or intending to resume operations in the future.
Business Programs & Resources
Empire State Development Announces ‘Raising The NYS Bar’ Restaurant Recovery Fund: Beginning 1/11
Empire State Development (ESD) recently announced a $3+ million Raising the NYS Bar Restaurant Recovery Fund to assist restaurants in New York State during the COVID-19 pandemic.
Eligible restaurants can receive up to $5,000. Restaurants can apply beginning Monday, January 11, 2021.
Learn more about the ‘Raising the NYS Bar’ Fund here.
NYC Commercial Lease Assistance Program
If your business needs help with a commercial lease issue in New York City, you may be eligible for FREE legal services through the Commercial Lease Assistance Program to help with:
- Signing a new commercial lease
- Amending, renewing, or terminating an existing commercial lease
- Addressing a commercial lease-related issue
If you need COVID-19-related legal assistance, the City Bar Justice Center is operating a COVID-19 Small Business Remote Legal Clinic that offers pro-bono legal consultations.
Learn more here: nyc.gov/commlease